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for Aggregate $31.5 Million; Year to date, 14 Hotels for Total Proceeds of $122.4 million |
| ARLINGTON, Va., December 18, 2003 � MeriStar Hospitality Corporation
(NYSE: MHX), one of the nation�s largest hotel real estate investment trusts
(REIT), today announced that it has completed the sale of seven hotels
with a total of 1,224 rooms to five separate buyers for aggregate proceeds
of $31.5 million. This brings to 14 the number of hotels sold by
the company year to date, with 2,586 rooms, for total proceeds of $122.4
million, or $47,000 per room. The sales are part of a previously
announced plan to dispose of non-core hotel properties and reshape the
company�s portfolio. Proceeds from the sales may be used to reinvest
in the company�s core properties, for hotel acquisitions, or to repay senior
debt.
�We continue to make excellent progress on the sale of our non-core assets and are on target with the timeline we previously announced,� said Paul W. Whetsell, chairman and chief executive officer. �We expect to close on 10 to 12 additional properties by the end of January.� The seven hotels include four hotels in the U.S., each sold to a separate buyer, and three Canadian properties, which were sold as a portfolio to a single buyer. The properties are:
Arlington, Va.-based MeriStar Hospitality Corporation owns 93 principally upscale, full-service hotels in major markets and resort locations with 24,995 rooms in 23 states, the District of Columbia and Canada. The company owns hotels under such internationally known brands as Hilton, Sheraton, Marriott, Westin, Doubletree and Radisson. For more information about This press release contains forward-looking statements about MeriStar Hospitality Corporation, including those statements regarding future operating results, the timing and composition of revenues and expected proceeds from asset sales, among others. |
| Contact:
MeriStar Hospitality Corporation Bruce Riggins VP, Strategic Planning & Analysis (703) 812-7223 www.meristar.com |